In the first half of 2010, more than 500,000 homes (nationwide) have gone into foreclosure. 
According to RealtyTrac, the foreclosure rates in 2010 are forecasted to exceed the 900,000+ foreclosures in 2009.
Many of the homeowners have had to walk away because they were not able to pay their mortgages (due to job loss or other financial problems).
There are others that CAN afford to pay their mortgage, but walk away because they don't want to pay for a $300,000 mortgage each month, when the home is now only worth $185,000. These homeowners are called "strategic defaulters" -- and more and more homeowners are taking this route.
With the increase in foreclosures and strategic defaulters, Fannie Mae (and possibly Freddie Mac) have decided to take action.
According to USA Today, Fannie Mae says it will start penalizing "strategic defaulters" who walk away from Fannie Mae insured loans.
"Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default."
>>> READ THE FULL ARTICLE - "Fannie Mae Gets Tough on Strategic Mortgage Defaults" <<<
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Posted by: Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty, specializing in Metro Atlanta real estate.
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